RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency Equation (8)

\begin{array}{l} p_{j} N_{j} = p_{j} n_{j} + e {\hat{p}}_{\hat{s} + j} {\hat{n}}_{\hat{s} + j} & j = 2, \dots, s \\ p_{s + j} {\hat{N}}_{j} = p_{s + j} n_{s + j} + e {\hat{p}}_{j} {\hat{n}}_{j} & j = 1, \dots, \hat{s} \end{array}